AOMORI, Japan (Reuters) - U.S. Energy Secretary Sam Bodman called on more countries to scrap fuel price subsidies that stoke oil demand, and warned the world to brace for more "shocking" volatility a day after oil's biggest price surge ever.

Bodman's comments on Saturday come just ahead of his meeting with top energy officials of Japan, South Korea, India and China, the latter of which have failed to raise domestic gasoline and diesel prices fast enough to keep up with roaring global markets.

It is part of a broader Group of Eight energy gathering that follows oil's over $10 surge to an all-time high above $139 a barrel on Friday, the biggest one-day gain on record. ... Read full article